Daily Technical Outlook on Major - GBPUSD
|
Last Update At 14 Sep 2018 00:30GMT
Trend Daily Chart
Sideways
Daily Indicators
Bullish convergences
21 HR EMA
1.3089
55 HR EMA
1.3057
Trend Hourly Chart
Up
Hourly Indicators
Rising
13 HR RSI
68
14 HR DMI
+ve
Daily Analysis
Resumption of recent upmove
Resistance
1.3213 - Jul 26 high
1.3173 - Jul 31 high
1.3124 - Y'day's high
Support
1.3026 - Y'day's low
1.2980 - Wed's low
1.2961 - Tue's low
-
GBP/USD - 1.3117.. Despite dropping to 1.3026 at European open, cable jumped at NY open on usd's weakness after soft U.S. CPI, then ratcheted higher to 1.3124 in NY on media report that EU n UK have made some key progress.
-
On the bigger picture 1st, cable's rally fm 2016 31-year bottom at 1.1491 caused by a 'flash crash' on Brexit worries to 1.3659 (Sep 2017) confirms major low has been made. Despite rally in Jan to post-Brexit fresh 21-month peak at 1.4377 (Feb), subsequent selloff to mid-Aug's 13-1/2 month low at 1.2662 signals top has been made. Having said that, cable's rally fm Sep's low at 1.2886 to 1.3088 Tue, then 1.3124 y'day signals upmove fm said Aug's low has resumed instead n stronger gain twds 1.3167/73, being natural 50% retrace. of fall fm 1.3472 to 1.2662 n Jul 31 high respectively, would be seen. On the downside, only below 1.22961 indicates said correction over n risks 1.2897 later.
-
Today, although y'day's rise abv Tue's high at 1.3088 signals recent upmove remains in progress n marginal gain is expected, as this high was accom- panied by minor bearish divergences on hourly indicators, res at 1.3213 should remain intact. Only below 1.3028 signals temporary top is made, risks 1.2980/90.
Interested in GBPUSD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.